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IRC's Q3 Iron Ore Production, Sales Rise
IRC (01029.HK): The K&S production for the third quarter increased by 1.3% compared to the previous quarter.
On December 19th, Glonghui announced that IRC (01029.HK) reported that in the third quarter of 2024, K&S's production increased by 1.3% compared to the previous quarter (the three months ending June 30, 2024, referred to as 'the second quarter of 2024'). The production for the first nine months of 2024 decreased by 7.8% compared to last year, mainly due to ore quality issues in the first half of 2024; sales slightly rose by 0.7% compared to the second quarter of 2024, consistent with the increase in production for this quarter. Sales during the first nine months of 2024 decreased by 11.6% compared to the first nine months of 2023; K&S has started mining and processing.
Express News | IRC Ltd - Q3 2024 Saw 1.3% Increase in Production Volume Over Previous Quarter
The trend of steel companies becoming more "outward" is significant, with steel exports exceeding 100 million tons, setting an eight-year record high.
① Due to the continuous decline in domestic Steel consumption, companies in the Steel Industry Chain are focusing on overseas markets as a key area for development. This year, steel exports exceeded 100 million tons, reaching a new high in eight years. ② Under policy guidance, the proportion of exports of medium to high value-added products has increased, showing a trend of change in the overall structure of domestic Steel exports from long products to flat products.
The steel industry has faced downward pressure for three years; under the new cycle, calls for "production cuts" are increasing, and there is a need for "synchronous resonance" to respond to challenges and opportunities.
① The steel industry has been declining for three consecutive years, with the market experiencing a negative feedback cycle. It is expected that the apparent consumption of crude steel will be about 0.9 billion tons in 2024, and demand may continue to decline in 2025. The industry is facing various challenges and continues to move forward under pressure while actively seeking new development opportunities; ② "My Steel" predicts a 3% increase in steel for machinery in 2025, a 1.5% increase for autos, a 6.4% increase for shipbuilding, a 2.8% increase for home appliances, and a 5.5% increase for energy.
Iron Ore Edges Up on Strong Steel Exports, Profit Margins -- Market Talk
